NBCC drops over 2% as Govt looks to shed 15% stake via OFS

equity sharesShares of NBCC BSE -0.55% dropped over 2% in Thursday’s trade since the government was scheduled to sell 15 % stake in the construction company during the day at a floor price of Rs.246.50 per share. The floor price set by the government was at a discount to Wednesday’s closing price of Rs 253 each.

Up to 9 cr. shares would be sold over two days till Friday, with institutional investors bidding on Thursday and retail investors getting a chance on Friday. 20% of the offer size will be reserved for retail investors depending on receipt of valid bids, the offer for sale notice said. By 9.45 am, the stock had hit a low of Rs. 246.90, i.e. down 2.41% on BSE. The government held 90% stake in the company as of June 30 and is expected to raise about Rs. 2200 cr for the stake sale. The company has a market capitalization of Rs. 15,000 cr.

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